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More Bitcoin exchange-traded funds (ETFs) are reportedly closer to being listed on NYSE Arca, the first all-electronic exchange in the United States.

According to documents made public by the U.S. Securities and Exchange Commission, two Bitcoin ETF proposals are being considered. The main point to be discussed and debated is whether Pro Shares can list two exchange traded funds on NYSE Arca.

It is intriguing to note that ProShares Bitcoin ETF and ProShares Short Bitcoin ETF will be holding Bitcoin futures contracts for trading. This will enable retail investors to invest directly in SegWit-Coin BTC (also inaccurately referred to as Bitcoin Legacy or Core). ProShares Short Bitcoin ETF will also enable investors to “short” SegWit-Coin BTC, which, as we all know, could have a considerable negative effect on the price. At the moment, SegWit-Coin BTC has been trading perilously close to its historic 2018 low of $5,800—at around $6,500 having lost almost 15% in value from last Monday when the price was briefly flirting with the $7,500 mark.

In its order, the SEC said it “is instituting proceedings pursuant to Section 19(b)(2)(B) of the Act to determine whether the proposed rule change should be approved or disapproved. Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change.”

This is not the first time that ProShares had proposed to list its ETFs. In September, when the cryptocurrency had started its bull run, the company had already proposed listing its shares on the NYSE Arca. However, they were pipped to it by other funds that eventually listed in December with the consequent negative consequences on the cryptocurrency. Apparently, the SEC had requested for the owners of the fund to withdraw their applications as investor protection had not yet been put in place.

Cboe President Chris Concannon recently wrote to the SEC proposing that Bitcoin ETF proposals should be considered on a case-by-case basis, which makes them different than a particular product class. Concannon said that Cboe had already managed to close several successful rounds of Bitcoin futures with the market maturing at a steady pace. This would make it eligible for a regulated ETF in the not too distant future, according to Concannon.

According to the SEC guidelines, the rule changing these futures listings has to be published in the Federal Register, with the public allowed 21 days to comment and another 14 days to submit any rebuttals.

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